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Business & farm
My client has filed a Schedule C for years, but because he was unsure about the QBI deduction, he has never claimed that or reported his business as QBI. Can he begin claiming QBI in 2023 if he has never claimed in prior years (since the deduction became available)? It looks like he is going to have an operating loss this year which I assume will carry forward, but I wonder how the accumulation of net income/loss from prior years affects things? I assume you need to be consistent in whether you identify the business as QBI from year-to-year and cannot pick and choose the years you do so.
March 12, 2024
7:10 AM